The alternatives giant took out the facility against about 20 portfolio assets in its 2018-vintage Carlyle Europe Partners V fund, affiliate title Private Equity International has learned.
NAV lender boosts US and European vets amid increased demand.
Creator of the survey says the novel practice of back-levering deals with NAV has already spread to even the lower mid-market.
The hires for a new subscription lending program include four previously reported ex-Signature bankers along with six others – a larger group than Private Funds CFO had reported before.
Alternative lender says that the instruments can be spliced into tranches to attract institutional investors.
The number of new competitors in the market is growing – a good sign for a supply-constrained market.
The fall of three major lenders to private equity GP borrowers across the AUM spectrum means sub lines may be harder to get for some – perhaps even impossible. But the market has already begun adapting with new solutions.
Ex-Signature Bank managing director Trevor Freeman is making hires to build out a new subscription line lending program.
A confluence of market events are fueling growth in the demand for NAV and hybrid facilities, write Leon Stephenson and Bronwen Jones from law firm Reed Smith.
The issuance of a collateralized fund obligation would be a breakthrough for struggling GPs and institutional investors alike.